Robbins Umeda LLP Announces an Investigation of Medifast, Inc.
Robbins Umeda LLP, a shareholder rights litigation firm, has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Medifast, Inc. (NYSE: MED). Medifast, through its subsidiaries, produces, distributes, and sells weight management and disease management products through independent health advisors, medical professionals, weight loss centers and clinics, and direct consumer marketing supported via the telephone and the internet. Medifast was founded in 1980 and is headquartered in Owings Mills, Maryland.
On March 11, 2011, Medifast’s stock fell from $21.90 to approximately $17.00, a 30% drop, on news that the company would delay filing its fiscal 2010 annual financial results. According to the limited statement made by the company, Medifast needs additional time to complete it year-end financial statements in order to review past expenses in prior periods.
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